Special Reports

In Gold We Trust – Special Report on Gold

Erste Group Research | July 2011

• The foundation of a return to “sound money” has been laid
• Guilt without atonement? Excessive structural debt suggests further appreciation of gold
• Negative real interest rates continue to provide gold with a perfect environment
• No reason for “AUROPHOBIA”
• Adieu “Exorbitant Privilege“
• Why gold is (still) no bubble
• Excursus: the creation of money from the perspective of the Austrian School of Economics
• The monetary system at the crossroads – on the way to a new gold standard?
• Gold as portfolio insurance
• Gold mining shares with historically low valuations
• Risk/return profile of gold investments remains very favorable
• Next target price at USD 2,000
• At the end of the parabolic trend phase we expect at least USD 2,300/ounce

Download the report now

“Nothing to Spare” Oil Outlook 2012

Erste Group Research | March 2012

The study is covering the following highlights:

• High liquidity, low interest rates, and QE should create a positive environment for oil
• Does the skyscraper index signal a weaker oil price?
• Excursus: Oil price development from the perspective of the Austrian School of Economics
• Petrodollar exiting through the back door?
• Break-even oil price (BEOP) suggests rising "floor"
• Sharply rising oil consumption in the exporting countries could  trigger shortages in the long run
• US natural gas has a attractive risk/reward profile
• "Clean fracking" will make shale gas production more efficient, cleaner and cheaper
• Neo-Malthusians vs. Cornucopians
• Economic consequences of the high oil price
• The aorta of the oil business - How likely is a blockade of the Strait of Hormuz?
• Technical analysis: Sentiment does not (yet) signal any extreme form of optimism

Download the report now